FIFO and COGS ca
I have QB Simple Start. If I count and value year end inventory at the last purchase price (of each relevant item), and calculate COGS (= Beg Invt + Purchases - End Invt), wouldn't that reflect the FIFO method? After taking Physical Inventory at month end and calculating COGS as above I would make a journal entry:
Db COGS xxxx
Cr Inventory xxxx
Shouldn't this work for FIFO?
